Lich. Or rather, the ability to become one akin to becoming a Vampire or Werewolf. The "third race" is the current 9 playable races[adding the Maormer would be nice perhaps]
The Worm cult is the mortal muscle of Bal, and the easiest to work with, as they only require unique face and body paints exclusive to the Worm Cultist that we see opening the anchors and what-not, which is available to all the current playable races already. They would just need to "unlock" the unique paints and stuff for a race aligned to this new faction.
And now, a few posts on this subject from another thread, talking about possible features, and counter-arguments to "lore-breaking."
When Coldharbour calls, Nirn obeys!